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Stock Market & Financial Investment News

News Breaks
May 28, 2014
08:32 EDTBEE, BXStrategic Hotels to buy remaining interest in Hotel del Coronado for $210M
Strategic Hotels & Resorts announced last night that the company has signed an agreement to acquire the remaining 63.6% ownership interest in the 757-room Hotel del Coronado for $210M. The company currently owns a 36.4% ownership position in the asset through a joint venture with certain affiliates of Blackstone Real Estate Partners VI (BX). The transaction values the asset at a gross value of approximately $787.0M, net of approximately $18.0M of cash currently held at the property and within the joint venture, and includes the assumption of the existing $475.0M mortgage financing. The net purchase price represents a 14.3 times multiple on forecasted 2014 EBITDA and a 6.2% capitalization rate on forecasted 2014 NOI. Management estimates the to-be-acquired 63.6% interest in the hotel is projected to generate an incremental $19M-$21M of EBITDA for the remainder of 2014. In Q1, RevPAR grew 11% at the property resulting in 21% EBITDA growth. The transaction, which is subject to certain closing conditions, is expected to close in the second quarter of 2014.
News For BEE;BX From The Last 14 Days
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October 21, 2014
08:33 EDTBXBlackstone, Solops management team announce partnership
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October 16, 2014
11:18 EDTBXBlackstone says firm uniquely positioned to benefit from market turmoil
CEO Schwarzman says public markets don't dictate realizations. Comment from Q3 earnings call.
07:10 EDTBXBlackstone reports Q3 ENI 66c, consensus 72c
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05:56 EDTBXStocks with implied volatility movement; BX VALE
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October 15, 2014
15:28 EDTBXNotable companies reporting before tomorrow's open
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06:21 EDTBXBlackstone, Fajr Capital, Mumtalakat acquire minority stake in GEMS
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October 14, 2014
07:25 EDTBXBlackstone October volatility elevated into Q3 and guidance
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October 10, 2014
08:28 EDTBXBlackstone to spin off financial advisory business
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08:26 EDTBXBlackstone to spin off financial advisory business
08:09 EDTBXBlackstone plans to spin off advisory business, Bloomberg reports
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October 8, 2014
08:34 EDTBXWindy Cove Energy receives up to $700M from Blackstone for U.S. oil assets
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